Online purchases and payments are pretty typical in today’s technology based society. With ordering online goods and benefiting with free shipping from your favorite department store to paying your monthly rent and loans. Face to face interactions finished with the exchange of a paper receipt will soon be outdated as business chains continue to flush these old customs out with every transaction and equipment update.
Due to the evolution of monetary exchange for goods and services purchased globally via web-based relations, these are more convenient ways to accrue income for business and make on time payments. The downfall has been that fraudulent crimes will continue to occur and as technology develops so does another level of criminal access. Online merchants have to make the best choices when it comes to deciding between using a gateway, such as a third party payment billing plan, or building their own platform to receive payment from consumer credit cards.
Both have a variable level of risks, one being the risk of credit card and personal information collected and redistributed by third party companies or turn-key-platforms which may expose the company to possibly more loss than gain because of slow processing and hasty personalities.
Another solutions has been in the works as major credit card corporations such as EUROPAY, MASTERCARD and VISA have developed disposable code embedded technology with magnetic stripes that are single use for one-time transactions to pass along encrypted data. Furthermore, it is expected that web criminals will indeed take technology crimes to the digital world.